GS Caltex acquires stake in Vietnamese car wash startup
GS Caltex said on Oct. 7 it signed an investment agreement with a Vietnamese car wash startup to expand its auto repair and lubricants businesses in the Southeast Asian country.
According to the South Korean refiner, it will invest 39 billion dong ($1.6 million) to acquire a 16.7 percent stake in VI Automotive Service, a parent company of VietWash.
Huh Cheol-hong (left), vice president of GS Caltex Business Innovation and Cho Kwang-ok (right), vice president of GS Caltex Retail Business Planning, pose via video with Pham Thi Thanh Vy (left on video), CEO of VietWash, and Nguyen Van Canh (right on video), chairman of Petrolimex Saigon after signing an investment agreement on Tuesday. (GS Caltex)
VietWash is a Ho Chi Minh City-based car wash startup that operates some 50 car wash centers in Vietnam. It also runs car wash centers at some 20 gas stations owned by Petrolimex Saigon. Most gas stations in Vietnam aren’t equipped with car wash facilities.
Through the partnership with VietWash, GS Caltex aims to enter the auto repair market in Vietnam based on the experience of its subsidiary GS Mbiz, which runs about 530 franchise auto repair shops “autoOasis” in Korea. After launching an auto repair business in Vietnam, GS Caltex plans to sell lubricant products in the country.
By Kim Byung-wook (email@example.com)